Economists refer to the relationship that a higher price leads to a lower quantity demanded as...

Question

Question

Economists refer to the relationship that a higher price leads to a lower quantity demanded as...

Economists refer to the relationship that a higher price leads to a lower quantity demanded as the

a- income gap

b- market equilibrium

c- law of demand

d- price model

business economics

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

The answer is c-law of demand

Note: The law of demand states the inverse relationship between the price and quantity demanded. The lower the prices the higher the quantity demanded and conversely higher the price lower is the quantity demanded.

Add a comment

Answer 2

Similar Homework Help Questions

1. Which of the following properly describes the interest-rate effect? a. A higher price level leads to higher money demand, higher money demand leads to higher interest rates, and a higher interest rate increases the quantity of goods and serv

1. Which of the following properly describes the interest-rate effect? a. A higher price level leads to higher money demand, higher money demand leads to higher interest rates, and a higher interest rate increases the quantity of goods and services demanded.b. A higher price level leads to higher money demand, higher money demand leads to lower interest rates, and a lower interest rate reduces the quantity of goods and services demanded.c. A lower price level leads to lower money demand, lower...
12. A market is said to be in equilibrium when: A Quantity demanded equals quantity supplied...

12. A market is said to be in equilibrium when: A Quantity demanded equals quantity supplied B. Production costs equal revenues from sale of the output C. The number of sellers equals the number of buyers D. People's needs are fully met 13. At the equilibrium prices: A. There are shortages but no surpluses B. There are surpluses but no shortages C. The economic problem of scarcity is no longer relevant D. There are no shortages or surpluses 14. An...
When economists talk about demand, they are referring to a relationship between price received for each...

When economists talk about demand, they are referring to a relationship between price received for each unit sold and the ________________. Group of answer choices A. quantity demanded B. market price C. quantity supplied D. supply curve

9 Options for A=surplus or shortage B= rise or fall C= increase/decrease D= increase/decrease E=lower/higher and...

9 Options for A=surplus or shortage B= rise or fall C= increase/decrease D= increase/decrease E=lower/higher and lower/higher quantity F=yes/no G=because there was a change in demand/because the new equilibrium has a lower price and quantity Critically evaluate: "In comparing the two equilibrium positions in the diagram below, I note that a smaller amount is actually demanded at a lower price. This refutes the law of demand." D, D2 Quantity a. A decrease in demand from D to D2 results in...
If an 8% decrease in price leads to a 4% increase in the quantity demanded of...

If an 8% decrease in price leads to a 4% increase in the quantity demanded of the good, as a result of the price change, the total revenue for this product will: a) decrease b) increase c) not change d) double If a 12% increase in price leads to a 6% decrease in quantity demanded of the good, as a result of the price change, the total revenue for the product will: a) not change b) decrease c) increase d)...
Tabe 4.1 Price per pizza Quantity demanded (pizzas per month) Quantity supplied (pizzas per month) $6...

Tabe 4.1 Price per pizza Quantity demanded (pizzas per month) Quantity supplied (pizzas per month) $6 1,000 900 800 700 600 700 750 800 $8 $10 850 $12 900 11. Refer to Table 4.1. If the price per pizza is $10, the price will a. remain constant because the market is in equilibrium. b. increase because there is an excess demand in the market. C. decrease because there is an excess demand in the market d. decrease because there is...

Please help with these questions, 1. The price where quantity demanded is equal to quantity supplied...

Please help with these questions, 1. The price where quantity demanded is equal to quantity supplied is known as Use letters in alphabetical order to select options A equilibrium rate. B equilibrium price. C equilibrium quantity. D equilibrium level. 2. Fill in the blank with the correct answer by typing in the box. A _______ shows the relationship between price and quantity demanded on a graph. 3. Select whether the statement is true or false. The point where the supply...
1) The law of demand indicates that as the price of a good decrease, the quantity...

1) The law of demand indicates that as the price of a good decrease, the quantity A. Buyers desire increase B. Buyers desire decrease C. Producers offer to the market decreases D. Producers offer to the market increase 2) List all the factors of demand and explain 4. 3) Substitute good are ones in which an increase in the A. Price of one good leads to an increase in the demand for the other good B. Price of one good...
In market equilibrium, at the equilibrium price and equilibrium quantity, O A. both the quantity demanded...

In market equilibrium, at the equilibrium price and equilibrium quantity, O A. both the quantity demanded equals the quantity supplied and demand equals supply O B. demand is not greater than supply O C. demand equals supply O D. the quantity demanded equals the quantity supplied and equals the quantity bought and sold

Price Quantity Demanded of muffins Quantity Supplied of muffins ($ per muffin) 20 1. Refer to...

Price Quantity Demanded of muffins Quantity Supplied of muffins ($ per muffin) 20 1. Refer to the above data for December 2019. The equilibrium price of a muffin is $ and the equilibrium quantity is muffins. At a market price of $2 per gallon there would be a (surplus, shortage) of muffins. At a market price of $5 per gallon there would be a (surplus, shortage) of muffins.

Economists refer to the relationship that a higher price leads to a lower quantity demanded as...

Homework Answers

Add Answer to:
Economists refer to the relationship that a higher price leads to a lower quantity demanded as...

Post as a guest

Earn Coins

1. Which of the following properly describes the interest-rate effect? a. A higher price level leads to higher money demand, higher money demand leads to higher interest rates, and a higher interest rate increases the quantity of goods and serv

12. A market is said to be in equilibrium when: A Quantity demanded equals quantity supplied...

When economists talk about demand, they are referring to a relationship between price received for each...

9 Options for A=surplus or shortage B= rise or fall C= increase/decrease D= increase/decrease E=lower/higher and...

If an 8% decrease in price leads to a 4% increase in the quantity demanded of...

Tabe 4.1 Price per pizza Quantity demanded (pizzas per month) Quantity supplied (pizzas per month) $6...

Please help with these questions, 1. The price where quantity demanded is equal to quantity supplied...

1) The law of demand indicates that as the price of a good decrease, the quantity...

In market equilibrium, at the equilibrium price and equilibrium quantity, O A. both the quantity demanded...

Price Quantity Demanded of muffins Quantity Supplied of muffins ($ per muffin) 20 1. Refer to...

Economists refer to the relationship that a higher price leads to a lower quantity demanded as...

Homework Answers

Add Answer to: Economists refer to the relationship that a higher price leads to a lower quantity demanded as...

Post as a guest

Earn Coins

Add Answer to:
Economists refer to the relationship that a higher price leads to a lower quantity demanded as...